Minting and Reedeming
Minting and redemption can be done in two ways, depending on the client's choice.
Option 1: Using whitelisted Fiat-Backed Stablecoins
Two-Step Procedure: If you choose whitelisted fiat-backed stablecoins, the process is as follows:
Requesting RWA redemption or Minting: Request for RWA minting or redemption is made using the whitelisted stablecoins inside our Brokerage platform under the tokenization page or through OTC.
Stablecoin minting and redemption: Once the RWA minting or redeeming is requested, the stablecoins are redeemed or minted by us or another stablecoin issuer, and the fiat is subsequently settled with our counterparty.
Token issuance: Once the asset is purchased, the client will receive RWA tokens in their wallet.
Option 2: Using Credits.
Straightforward Process: Deposited fiat provides a near-instant minting and redemption process without any extra steps in between, making it the fastest possible option.
Client Registration and Compliance
KYC and AML Checks: Regardless of the option they select, users must be registered on our platform with completed and valid KYC (Know Your Customer) and AML (Anti-Money Laundering) checks with approved wallet ownership.
What Are Credits
Definition: Credits represent the fiat currency deposited onto the Genifi platform in a 1:1 ratio. They can be used for minting stablecoins, RWAs, and for cash withdrawals.
Acquisition: Users can acquire credits by depositing fiat via wire transfer to the Genifi brokerage or by redeeming whitelisted stablecoins.
Currency Display: Each currency has separate credits, displayed in the user dashboard.
Credits are just fiat currency held in our deposit accounts, which are completely separated from Genifi operational accounts and held in a bankruptcy remote structure.
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